As Powell sent a strong signal of a policy shift, Polymarket bets on a 50 basis point rate cut surged to a staggering $1.9 million!
In his speech at Jackson Hole, Fed Chairman Powell made it clear that "it's time for the Fed to adjust its policy", which caused a sensation in the market! Bitcoin (BTC) rose wildly by 1.1% in the past hour, soaring to $62,000 in an instant, which is jaw-dropping!
Ethereum (ETH) and Solana (SOL) followed Bitcoin’s lead, surging 0.8% and 1.1% respectively, as the market reacted enthusiastically to Powell’s dovish comments! The Fed chairman hinted that inflation will fall smoothly back to 2% and promised not to put more cooling pressure on the labor market, but to fully support strong job growth.
Powell's speech not only continued the content of the FOMC meeting minutes in July, but also strengthened the market's expectations for a 25 basis point rate cut in September. His consistent rhetoric has injected strong confidence into risk asset investors and brought them a sense of solid security.
After Powell's Jackson Hole speech, Polygon's prediction market Polymarket users are extremely optimistic! The probability of a 50 basis point rate cut has soared from 18% to 22%, and the amount of funds bet on it has exceeded a staggering $1.9 million, setting a new record! The market is preparing for a rate cut frenzy, and asset prices are about to soar!
Okay, that’s all the information for this issue for now.
